We made good progress with our wind turbine manufacturing customers and they in turn helped us diversify our business in the second quarter. On the grid side, we grew our D-VAR system revenues quarter-over-quarter. And along with our partners, we have achieved important power cable milestones. From a financial standpoint, we executed on our plan in the second fiscal quarter and exceeded our financial forecast. This forecast did not contemplate the termination of our acquisition agreement with The Switch. And finally, on the legal front, we made all of our legal filings in China against our former customer, and all of the civil single filings have now been accepted by arbitrators and the courts.
Finally, before beginning our financial discussions, let me bring you up the speed on our litigation activity which is progressing on plan. As a reminder, our issues with Sinovel began in late March when this former customer refused to accept contracted shipments and refused to pay us for past shipments. Over the summer, we discovered evidence that Sinovel had gained access to stolen intellectual property. That of course changed everything.
After conducting an investigation with European authorities, one of our former employees was arrested and he is now in jail following his conviction on charges of economic espionage and fraudulent misuse of data.
In the second quarter, we prepared and filed multiple lawsuits in various jurisdictions in China. In total, we are seeking to recover more than $1.2 billion for contracted shipments and damages.Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV